$PMN
ProMIS Neurosciences Inc

2024 Q3 Form 10-Q Financial Statement

#000155837024011476 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.088M
YoY Change -42.57%
% of Gross Profit
Research & Development $2.564M $1.626M
YoY Change 124.47% 61.66%
% of Gross Profit
Depreciation & Amortization $0.00
YoY Change -100.0%
% of Gross Profit
Operating Expenses $4.435M $2.714M
YoY Change 76.15% -6.42%
Operating Profit -$4.400M -$2.714M
YoY Change 74.77% -6.42%
Interest Expense $90.05K
YoY Change -85.87%
% of Operating Profit
Other Income/Expense, Net $13.71M $90.05K
YoY Change 8638.82% -84.68%
Pretax Income -$2.624M
YoY Change 13.48%
Income Tax
% Of Pretax Income
Net Earnings $9.276M -$2.600M
YoY Change -486.49% 13.04%
Net Earnings / Revenue
Basic Earnings Per Share $0.31 -$0.13
Diluted Earnings Per Share $0.31 -$0.13
COMMON SHARES
Basic Shares Outstanding 29.89M 18.96M
Diluted Shares Outstanding 30.07M 19.77M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.025M
YoY Change -18.31%
Cash & Equivalents $21.54M $992.5K
Short-Term Investments $32.36K
Other Short-Term Assets $384.8K
YoY Change 115.58%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $24.51M $1.410M
YoY Change 37.25% -4.71%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL ASSETS
Total Short-Term Assets $24.51M $1.410M
Total Long-Term Assets $0.00 $0.00
Total Assets $24.51M $1.410M
YoY Change 37.11% -5.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.575M $2.015M
YoY Change -81.28% -74.69%
Accrued Expenses $1.060M $1.157M
YoY Change -26.23% 49.1%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.635M $3.172M
YoY Change -73.25% -63.7%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $514.7K
YoY Change -60.02%
Total Long-Term Liabilities $514.7K
YoY Change -60.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.635M $3.172M
Total Long-Term Liabilities $514.7K
Total Liabilities $17.24M $3.687M
YoY Change 55.0% -63.23%
SHAREHOLDERS EQUITY
Retained Earnings -$90.40M -$99.70M
YoY Change 0.56% 13.94%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.273M -$2.277M
YoY Change
Total Liabilities & Shareholders Equity $24.51M $1.410M
YoY Change 37.11% -5.91%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $9.276M -$2.600M
YoY Change -486.49% 13.04%
Depreciation, Depletion And Amortization $0.00
YoY Change -100.0%
Cash From Operating Activities -$1.505M
YoY Change -29.94%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -1.505M
Cash From Investing Activities
Cash From Financing Activities 0.000
Net Change In Cash -1.505M
YoY Change -29.94%
FREE CASH FLOW
Cash From Operating Activities -$1.505M
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 36pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The preparation of financial statements in conformity with GAAP requires management to make certain estimates, judgements and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions made in the accompanying unaudited condensed consolidated financial statements include, but are not limited to, the accrual for research and development expenses and the valuation of warrant liabilities. Actual results could differ from those estimates, and such differences could be material to the unaudited condensed consolidated financial statements.</p>
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CY2023Q4 pmn Prepaid Upfront Research Payments Current
PrepaidUpfrontResearchPaymentsCurrent
146851
CY2024Q2 us-gaap Interest Receivable
InterestReceivable
72255
CY2023Q4 us-gaap Interest Receivable
InterestReceivable
78637
CY2024Q2 us-gaap Prepaid Insurance
PrepaidInsurance
122551
CY2023Q4 us-gaap Prepaid Insurance
PrepaidInsurance
482297
CY2023Q4 pmn Prepaid Consultants Current
PrepaidConsultantsCurrent
21535
CY2024Q2 pmn Prepaid License Fee Current
PrepaidLicenseFeeCurrent
59649
CY2023Q4 pmn Prepaid License Fee Current
PrepaidLicenseFeeCurrent
30472
CY2024Q2 us-gaap Deferred Costs Current
DeferredCostsCurrent
99555
CY2023Q4 us-gaap Deferred Costs Current
DeferredCostsCurrent
195632
CY2024Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
12961
CY2023Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
33217
CY2024Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
384776
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
988641
CY2024Q2 pmn Accrued Legal Fees Current
AccruedLegalFeesCurrent
19575
CY2023Q4 pmn Accrued Legal Fees Current
AccruedLegalFeesCurrent
66254
CY2024Q2 pmn Deferred Financing Costs
DeferredFinancingCosts
26316
CY2023Q4 pmn Deferred Financing Costs
DeferredFinancingCosts
99883
CY2024Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
122294
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
101528
CY2024Q2 pmn Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
630925
CY2023Q4 pmn Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
691908
CY2024Q2 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
287935
CY2023Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
518704
CY2024Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
69744
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
28249
CY2024Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1156789
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1506526
CY2024Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
18961116
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
18885254
CY2024Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
1166667
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
1166667
CY2024Q2 us-gaap Common Stock No Par Value
CommonStockNoParValue
0
CY2023Q4 us-gaap Common Stock No Par Value
CommonStockNoParValue
0
CY2024Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
13387994
CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
13595987
CY2024Q2 us-gaap Convertible Preferred Stock Shares Reserved For Future Issuance
ConvertiblePreferredStockSharesReservedForFutureIssuance
1166667
CY2023Q4 us-gaap Convertible Preferred Stock Shares Reserved For Future Issuance
ConvertiblePreferredStockSharesReservedForFutureIssuance
1166667
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1087493
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
898262
CY2024Q2 pmn Deferred Share Units Outstanding
DeferredShareUnitsOutstanding
1061
CY2023Q4 pmn Deferred Share Units Outstanding
DeferredShareUnitsOutstanding
1061
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2704730
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
471843
CY2024Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
18347945
CY2023Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
16133820
pmn Number Of Votes Per Common Share
NumberOfVotesPerCommonShare
1
CY2024Q2 us-gaap Preferred Stock Liquidation Preference
PreferredStockLiquidationPreference
6.00
CY2024Q2 pmn Mandatory Conversion Preferred Stock Value Outstanding
MandatoryConversionPreferredStockValueOutstanding
14000000.0
CY2024Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
13387994
pmn Warrant Exercises During Period
WarrantExercisesDuringPeriod
0
CY2024Q2 pmn Warrant Exercises During Period
WarrantExercisesDuringPeriod
0
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.58
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
9.16
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.49
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
7.34
CY2023Q4 pmn Share Based Compensation Arrangement By Share Based Payment Award Options
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptions
442002
CY2024Q2 pmn Share Based Compensation Arrangement By Share Based Payment Award Options
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptions
465488
us-gaap Increase Decrease In Fair Value Adjustments On Assets And Liabilities Carried At Fair Value Under Fair Value Option
IncreaseDecreaseInFairValueAdjustmentsOnAssetsAndLiabilitiesCarriedAtFairValueUnderFairValueOption
43486
pmn Share Based Compensation Arrangement Weighted Average Fair Value Of Options
ShareBasedCompensationArrangementWeightedAverageFairValueOfOptions
0.64
CY2023 pmn Share Based Compensation Arrangement Weighted Average Fair Value Of Options
ShareBasedCompensationArrangementWeightedAverageFairValueOfOptions
0.53
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
17999
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
134191
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
81583
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
266701
pmn Cash Payments Related Party
CashPaymentsRelatedParty
149160
pmn Cash Payments Related Party
CashPaymentsRelatedParty
296590
CY2023Q3 pmn Collaborative Arrangement Accruals For Royalty Payments
CollaborativeArrangementAccrualsForRoyaltyPayments
0
CY2016Q2 pmn Related Party Transaction Term Of Agreement
RelatedPartyTransactionTermOfAgreement
P3Y
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2623657
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2311974
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6258745
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-7271405
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19770739
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8579284
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19544908
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8579284
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.13
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.27
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.32
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.85
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15048491
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4084375
ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

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0001558370-24-011476-index.html Edgar Link pending
0001558370-24-011476.txt Edgar Link pending
0001558370-24-011476-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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pmn-20240630.xsd Edgar Link pending
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pmn-20240630xex31d1.htm Edgar Link pending
pmn-20240630xex31d2.htm Edgar Link pending
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pmn-20240630_cal.xml Edgar Link unprocessable
pmn-20240630_def.xml Edgar Link unprocessable
pmn-20240630_lab.xml Edgar Link unprocessable
pmn-20240630x10q_htm.xml Edgar Link completed
pmn-20240630_pre.xml Edgar Link unprocessable
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